Top 5 Georgian Insurance Companies

access_time2017-09-12 15:57:03

Insurance in recent years has become an increasingly popular and socially important field  in Georgia.

According to the insurance monitoring service, three new companies started operating in 2017; currently there are 16 players on the market, including  5  large.

"GPI Holding"  is the insurance market leader which controls 26% of the market. It is followed by "Aldagi" – 20.13%, "Imedi L" - 12. 25%, "PSP-Insurance" – 11.03% and  “Ardi" - 7. 75%.

Medicine leads  among the types of insurance - it accounts for 49.72%, vehicles insurance accounts for 16.1%, property insurance – 15.6%, life insurance – 4.5% , and civil liability insurance - 3, 90%.

586 000 people enjoy health insurance, which is about 15% of the total population (about 3, 7 million). The second most popular service - car insurance- isn’t  mass either - about 50,000 car owners enjoy  its services which is only about 4% of the total number of cars in Georgia (1.2 million).

The real share of health insurance is higher and reaches 65% of the entire insurance market without contracts in which insurance companies are not involved and their role is limited to intermediary service that often happens when insuring business or cargo. It also shows how the Georgian insurance sector depends on health insurance and any changes in healthcare - inflation, price level, quality of treatment, government regulations, etc.

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